What Lies Ahead for Oil Prices

July 2016, Vol. 243, No. 7

Jesse Yoder, Founder, Flow Research, Inc.

Oil prices are measured in 42-gallon barrels. The history of this tradition dates back to 1866, soon after Edwin Drake drilled the first oil well in the United States in Titusville, PA in 1859. In 1866, a group of independent oil producers met in Titusville and decided that the 42-gallon barrel was the best way to transport oil. At that time, barges floated barrels of oil down the Allegheny River to Pittsburgh on the way to be refined into kerosene. The adoption of this standard for oil measurement stuck, and today oil is still measured…

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